NAB RCAL EXAM 2024| REAL EXAM QUESTIONS WITH
COMPREHENSIVE ANSWERS| LATEST UPDATE| EXPERT
VERIFIED FOR GUARANTEED PASS
Accrual Basis Accounting - CORRECT ANSWER - reporting income when it is earned and
expenses when they are incurred
Cash Basis Accounting - CORRECT ANSWER - Reporting income when the cash is received
and expenses when the cash is paid.
LLC (Limited Liability Company) - CORRECT ANSWER - Limited liability, pass through
income taxation, flexibility
S corporation - CORRECT ANSWER - A unique government creation that looks like a
corporation but is taxed like sole proprietorships and partnerships
Net Worth Formula - CORRECT ANSWER - Assets - Liabilities
Dementia Living Environment - CORRECT ANSWER - Residential living with clinical aspects.
safe, quiet, secured
Effective Claims Management for working with insurance agencies - CORRECT ANSWER -
components of the claims handling process include developing strategies to cut costs and reduce
fraud while keeping customers satisfied
Corporate Compliance Programs - CORRECT ANSWER - assist providers and their agents and
develop effective internal controls that promote adherence to applicable federal and state law
Management (vs leadership) - CORRECT ANSWER - Produces order and consistency, agenda,
timetable, structure, develops incentives, corrective actions, etc.
,Mission Statement - CORRECT ANSWER - Public document, short (tshirt), purpose of ALF
Vision statement - CORRECT ANSWER - Usually private internal documents, expresses what
the organization should become using the mission, where it wants to go strategically.
Organizational Values - CORRECT ANSWER - accompany mission statement, describes key
behaviors that are expected of staff
Cash Flow - CORRECT ANSWER - Cash receipts less cash disbursements from a given
operation or set of operations from a period of time
Balance sheet - CORRECT ANSWER - Snapshot/point in time of what a company owns and
owes. Summarizes assets, liabilities and shareholder equity at a specific point in time.
Income statement (or statement of financial position) - CORRECT ANSWER - How much
revenue and profit generated over a certain period of time
Interest coverage - CORRECT ANSWER - What portion of debt interest is covered by a
company cash flow situation (EBITDA/Interest expense)
Capital - CORRECT ANSWER - typically $500 or more, 1 year or more life. Money invested in
company.
chart of accounts - CORRECT ANSWER - A list of every account (5 groups: ass, Lia, capital,
Rev, expenses)
Variable cost - CORRECT ANSWER - Fluctuate directly with changes in census (i.e. food,
salary)
Fixed cost - CORRECT ANSWER - Do not relate to changes in census.
, Direct cost - CORRECT ANSWER - Cost that are directly attributable to providing resident care
(i.e. salaries, payroll, pay taxes, benefits, supplies)
Indirect cost - CORRECT ANSWER - i.e. administrative salary, depreciation
5 steps of budgeting - CORRECT ANSWER - Assessing environment, Programming,
Developing operating budget, Building cash budget, Determing capital budget
How often should goals and objectives be evaluated? - CORRECT ANSWER - Annual basis, at
least
Patient Self-Determination Act of 1990 - CORRECT ANSWER - protects patient rights
including the right to agree to or refuse medical treatment (gives patients right to choose health
care decisions when entering hospital)
DPOA vs POA - CORRECT ANSWER - DPOA just includes language that means the
documents covers individual when they become incapacitated
Quality Assurance - CORRECT ANSWER - looks at actions to ensure services conform to
standards
Team building is a key component of which management style? -) CORRECT ANSWER -
Participatory (encourages managers to share knowledge, work together)
advance directives - CORRECT ANSWER - A legal document designed to indicate a person's
wishes regarding care in case of a terminal illness or during the dying process
living will - CORRECT ANSWER - A document that indicates what medical intervention an
individual wants if he or she becomes incapable of expressing those wishes.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller DrReiss. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
